Treasury bill

912797UX3

Original term
52-Week
Maturity
May 13, 2027
Coupon
–
Pays
None
Dated
–
First coupon
–
Priced through
Oct 20, 2026
Analyzed through
Oct 20, 2026

Statement of September 30, 2026

Amount outstanding
$53.13bn
Held stripped
not strippable
Share stripped
–

This security cannot be stripped, so no stripped figure exists for it rather than one that is zero. Stripping separates a coupon security into its individual interest and principal payments, which needs more than one cashflow to separate. Market statistics.

Amount outstanding as reported by Treasury, in its Monthly Statement of the Public Debt. The Safe Rate indices weight on a different figure, float-adjusted original par, and the two are not comparable security by security. The index figures are published per holding.

Risk, October 20, 2026

Yield to maturity
4.299%
Modified duration
0.548 yr
DV01
0.0054
Convexity
0.00544
Dirty price
97.648

Where its rate sensitivity sits

All of it in one place. A bill pays a single cashflow at maturity, so its key rate profile is its modified duration of 0.548 years, sitting in the nearest bucket and nothing anywhere else. That is also why its duration equals its remaining term rather than being shorter: there are no coupons to pull the average payment date forward. A twelve-bucket chart of that would be eleven empty bars.

Against the money market curve

Priced 5.9 bp rich to the curve on that day, 3.15 cents per 100 of face.

That is -0.95 standard deviations from its own typical residual.

Yield to maturity, 109 observations

3.7%3.8%3.9%4.0%4.1%4.2%4.3%4.4%May 14, 2026Oct 20, 2026May 14, 2026Yield to maturity3.795%May 15, 2026Yield to maturity3.816%May 18, 2026Yield to maturity3.805%May 19, 2026Yield to maturity3.826%May 20, 2026Yield to maturity3.783%May 21, 2026Yield to maturity3.825%May 22, 2026Yield to maturity3.846%May 26, 2026Yield to maturity3.813%May 27, 2026Yield to maturity3.792%May 28, 2026Yield to maturity3.791%May 29, 2026Yield to maturity3.790%Jun 1, 2026Yield to maturity3.812%Jun 2, 2026Yield to maturity3.801%Jun 3, 2026Yield to maturity3.822%Jun 4, 2026Yield to maturity3.800%Jun 5, 2026Yield to maturity3.853%Jun 8, 2026Yield to maturity3.820%Jun 9, 2026Yield to maturity3.831%Jun 10, 2026Yield to maturity3.852%Jun 11, 2026Yield to maturity3.809%Jun 12, 2026Yield to maturity3.818%Jun 15, 2026Yield to maturity3.797%Jun 16, 2026Yield to maturity3.807%Jun 17, 2026Yield to maturity3.924%Jun 18, 2026Yield to maturity3.955%Jun 22, 2026Yield to maturity3.987%Jun 23, 2026Yield to maturity3.955%Jun 24, 2026Yield to maturity3.922%Jun 25, 2026Yield to maturity3.911%Jun 26, 2026Yield to maturity3.889%Jun 29, 2026Yield to maturity3.910%Jun 30, 2026Yield to maturity3.921%Jul 1, 2026Yield to maturity3.931%Jul 2, 2026Yield to maturity3.898%Jul 6, 2026Yield to maturity3.876%Jul 7, 2026Yield to maturity3.929%Jul 8, 2026Yield to maturity3.940%Jul 9, 2026Yield to maturity3.918%Jul 10, 2026Yield to maturity3.949%Jul 13, 2026Yield to maturity3.992%Jul 14, 2026Yield to maturity3.885%Jul 15, 2026Yield to maturity3.821%Jul 16, 2026Yield to maturity3.874%Jul 17, 2026Yield to maturity3.894%Jul 20, 2026Yield to maturity3.926%Jul 21, 2026Yield to maturity3.958%Jul 22, 2026Yield to maturity3.989%Jul 23, 2026Yield to maturity4.021%Jul 24, 2026Yield to maturity4.052%Jul 27, 2026Yield to maturity4.030%Jul 28, 2026Yield to maturity3.977%Jul 29, 2026Yield to maturity3.913%Jul 30, 2026Yield to maturity3.923%Jul 31, 2026Yield to maturity3.954%Aug 3, 2026Yield to maturity3.933%Aug 4, 2026Yield to maturity3.911%Aug 5, 2026Yield to maturity3.901%Aug 6, 2026Yield to maturity3.922%Aug 7, 2026Yield to maturity3.900%Aug 10, 2026Yield to maturity3.899%Aug 11, 2026Yield to maturity3.899%Aug 12, 2026Yield to maturity3.867%Aug 13, 2026Yield to maturity3.856%Aug 14, 2026Yield to maturity3.866%Aug 17, 2026Yield to maturity3.877%Aug 18, 2026Yield to maturity3.887%Aug 19, 2026Yield to maturity3.866%Aug 20, 2026Yield to maturity3.876%Aug 21, 2026Yield to maturity3.896%Aug 24, 2026Yield to maturity3.907%Aug 25, 2026Yield to maturity3.896%Aug 26, 2026Yield to maturity3.896%Aug 27, 2026Yield to maturity3.906%Aug 28, 2026Yield to maturity4.001%Aug 31, 2026Yield to maturity4.001%Sep 1, 2026Yield to maturity4.022%Sep 2, 2026Yield to maturity4.011%Sep 3, 2026Yield to maturity3.989%Sep 4, 2026Yield to maturity3.989%Sep 8, 2026Yield to maturity4.020%Sep 9, 2026Yield to maturity4.020%Sep 10, 2026Yield to maturity4.094%Sep 11, 2026Yield to maturity4.189%Sep 14, 2026Yield to maturity4.199%Sep 15, 2026Yield to maturity4.199%Sep 16, 2026Yield to maturity4.262%Sep 17, 2026Yield to maturity4.230%Sep 18, 2026Yield to maturity4.261%Sep 21, 2026Yield to maturity4.261%Sep 22, 2026Yield to maturity4.272%Sep 23, 2026Yield to maturity4.335%Sep 24, 2026Yield to maturity4.314%Sep 25, 2026Yield to maturity4.334%Sep 28, 2026Yield to maturity4.355%Sep 29, 2026Yield to maturity4.323%Sep 30, 2026Yield to maturity4.281%Oct 1, 2026Yield to maturity4.196%Oct 2, 2026Yield to maturity4.238%Oct 5, 2026Yield to maturity4.206%Oct 6, 2026Yield to maturity4.185%Oct 7, 2026Yield to maturity4.184%Oct 8, 2026Yield to maturity4.205%Oct 9, 2026Yield to maturity4.226%Oct 13, 2026Yield to maturity4.268%Oct 14, 2026Yield to maturity4.311%Oct 15, 2026Yield to maturity4.279%Oct 16, 2026Yield to maturity4.278%Oct 19, 2026Yield to maturity4.321%Oct 20, 2026Yield to maturity4.299%

Price history

109 trading days to Oct 20, 2026

96.2596.5096.7597.0097.2597.5097.75May 14, 2026Oct 20, 2026May 14, 2026Close96.330May 15, 2026Close96.340May 18, 2026Close96.360May 19, 2026Close96.350May 20, 2026Close96.400May 21, 2026Close96.371May 22, 2026Close96.392May 26, 2026Close96.431May 27, 2026Close96.461May 28, 2026Close96.471May 29, 2026Close96.502Jun 1, 2026Close96.493Jun 2, 2026Close96.512Jun 3, 2026Close96.503Jun 4, 2026Close96.532Jun 5, 2026Close96.516Jun 8, 2026Close96.554Jun 9, 2026Close96.555Jun 10, 2026Close96.547Jun 11, 2026Close96.594Jun 12, 2026Close96.615Jun 15, 2026Close96.644Jun 16, 2026Close96.645Jun 17, 2026Close96.555Jun 18, 2026Close96.569Jun 22, 2026Close96.553Jun 23, 2026Close96.591Jun 24, 2026Close96.628Jun 25, 2026Close96.647Jun 26, 2026Close96.696Jun 29, 2026Close96.689Jun 30, 2026Close96.691Jul 1, 2026Close96.692Jul 2, 2026Close96.760Jul 6, 2026Close96.788Jul 7, 2026Close96.755Jul 8, 2026Close96.757Jul 9, 2026Close96.785Jul 10, 2026Close96.791Jul 13, 2026Close96.768Jul 14, 2026Close96.863Jul 15, 2026Close96.923Jul 16, 2026Close96.892Jul 17, 2026Close96.906Jul 20, 2026Close96.892Jul 21, 2026Close96.878Jul 22, 2026Close96.864Jul 23, 2026Close96.850Jul 24, 2026Close96.858Jul 27, 2026Close96.885Jul 28, 2026Close96.936Jul 29, 2026Close96.994Jul 30, 2026Close96.997Jul 31, 2026Close97.005Aug 3, 2026Close97.031Aug 4, 2026Close97.057Aug 5, 2026Close97.076Aug 6, 2026Close97.070Aug 7, 2026Close97.117Aug 10, 2026Close97.128Aug 11, 2026Close97.138Aug 12, 2026Close97.171Aug 13, 2026Close97.189Aug 14, 2026Close97.213Aug 17, 2026Close97.216Aug 18, 2026Close97.219Aug 19, 2026Close97.244Aug 20, 2026Close97.247Aug 21, 2026Close97.264Aug 24, 2026Close97.267Aug 25, 2026Close97.284Aug 26, 2026Close97.295Aug 27, 2026Close97.298Aug 28, 2026Close97.266Aug 31, 2026Close97.277Sep 1, 2026Close97.273Sep 2, 2026Close97.291Sep 3, 2026Close97.316Sep 4, 2026Close97.358Sep 8, 2026Close97.349Sep 9, 2026Close97.359Sep 10, 2026Close97.323Sep 11, 2026Close97.295Sep 14, 2026Close97.300Sep 15, 2026Close97.311Sep 16, 2026Close97.283Sep 17, 2026Close97.314Sep 18, 2026Close97.329Sep 21, 2026Close97.340Sep 22, 2026Close97.345Sep 23, 2026Close97.318Sep 24, 2026Close97.342Sep 25, 2026Close97.364Sep 28, 2026Close97.363Sep 29, 2026Close97.394Sep 30, 2026Close97.430Oct 1, 2026Close97.491Oct 2, 2026Close97.501Oct 5, 2026Close97.530Oct 6, 2026Close97.554Oct 7, 2026Close97.565Oct 8, 2026Close97.564Oct 9, 2026Close97.597Oct 13, 2026Close97.585Oct 14, 2026Close97.573Oct 15, 2026Close97.602Oct 16, 2026Close97.637Oct 19, 2026Close97.625Oct 20, 2026Close97.648
The most recent 20 trading days of prices for 912797UX3.
DateBidOfferClose
Oct 20, 202697.64897.64297.648
Oct 19, 202697.62897.61497.625
Oct 16, 202697.62697.60897.637
Oct 15, 202697.60397.59197.602
Oct 14, 202697.56897.55097.573
Oct 13, 202697.59197.58097.585
Oct 9, 202697.55897.55297.597
Oct 8, 202697.55097.54197.564
Oct 7, 202697.54197.52997.565
Oct 6, 202697.55897.54297.554
Oct 5, 202697.53197.52597.530
Oct 2, 202697.49197.47397.501
Oct 1, 202697.47497.45597.491
Sep 30, 202697.42897.41997.430
Sep 29, 202697.37697.35797.394
Sep 28, 202697.35597.33997.363
Sep 25, 202697.33997.32397.364
Sep 24, 202697.34797.33797.342
Sep 23, 202697.34597.32697.318
Sep 22, 202697.34097.32797.345

Prices are per 100 of face, from Treasury's own end-of-day file. A dash in the bid or offer column means none was posted that day.

Auction

A CUSIP can be auctioned more than once: Treasury reopens an existing security rather than issuing a new one, so the same bond is sold again at whatever yield the market then wants.

Auction history for 912797UX3.
Auction dateIssuedTypeOfferedAcceptedBid to coverHigh yield
May 12, 2026May 14, 2026New issue$50.0bn$53.1bn3.41x–

The curve this was priced against →

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

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Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.